REGISTRATION OF DEEMED CONVEYANCE
On
receipt of the Deemed Conveyance Order, the Deemed Conveyance between the
Competent Authority & the Society is prepared. The Competent Authority appears
in the Deed on behalf of the defaulting Land Owners & Property Developers.
The
Deemed Conveyance is submitted to the Office of Competent Authority for
Approval & their Signature with Authority Stamp & Seal.
The
Special General Body of the Society is called to approve the Deemed Conveyance
& to nominate 3 Members of the Society to sign the instruments.
The
Deemed Conveyance is executed by the signature of the Competent Authority &
the signatures of the 3 nominated Members of the Society.
On
execution of the Deemed Conveyance, it is forwarded to the District Stamp
Office for Adjudication. If all the Members of the Society have paid the Stamp
Duty on their respective Flat/ Shop Agreements & there is no balance FSI,
the Deemed Conveyance attracts only Rs. 100/- Stamp Duty. The Stamp Office
issues the Adjudication Certificate.
On
receipt of the Adjudication Certificate, the Society pays the required Stamp
Duty & gets the Deemed Conveyance Franked from local Bank.
After
Franking of the Deemed Conveyance, the same is submitted to the Registration
Office for Registration. The Registration Office issues a notice to the Land
Owners & Property Developers to verify whether they have received any Stay
Order from Proper Court against the Deemed Conveyance Order.
The
Proper Court for issuing the Stay Order against the Deemed Conveyance Order is
High Court. It is very difficult for the Land Owners & Property Developers
to obtain the Stay Order from High Court against the Deemed Conveyance Order.
If
there is no Stay Order received, the Registration Office Registers the Deemed
Conveyance. The Competent Authority is exempted from appearing for the
Registration & hence the 3 Members nominated by the Society only appear for
Registration.
After
Registration of the Deemed Conveyance, the Registration Office issues the
Scanned Document & Index II typically within 15 days.
The
complete Procedure of Registration of Deemed Conveyance is typically completed
within 3- 4 Months.
On receipt of the Index II,
the Registration Process of the Deemed Conveyance is successfully completed
& the Society becomes the owner of the Land & Structure.
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